433,237 SF trophy office tower in dynamic Buckhead submarket with a rezoning opportunity to create a live-work-play environment from adjoining development site
Despite strong in-place occupancy, in-place rents were at cyclical lows given the market was still recovering from the Great Depression (2012) which presented an opportunity to increase rents over the hold period to previous levels while also executing on the aforementioned land rezoning
Pushed rents by over 50% during our hold period while maintain building occupancy above 90%
Acquired land outside the building in a separate transaction. Subsequently rezoned the land for dense, mixed-use development
Sold asset in 2018 but were retained as property management due to operational success
